Latest updates on Key Economic Indicators

Australian Dollar: $0.7830 USD (up $0.0057 USD)

Iron Ore Apr Spot Price (SGX): $168.70 USD (up $1.00 USD

Oil Price (WTI): $59.69 USD (down $0.89 USD)

Gold Price: $1,735.81 (up $12.03 USD)

Bitcoin: $47,475.63 USD (down 1.86 % in last 24 hours)

Dow Jones: 31,475.03 at 3.06pm NY time (down 156.42 points on yesterday's close)

All changes compared to 7am yesterday.

FBI chief labels US Capitol riot 'Domestic Terrorism'

FBI Director Chris Wray has condemned the 6 January riot at the US Capitol as "domestic terrorism" as he defended the bureau's handling of intelligence.

The FBI director on Tuesday local time defended his bureau's role in providing intelligence ahead of the 6 January US Capitol riot, as he faced a grilling from lawmakers over whether agents underestimated the danger.

Christopher Wray, in his first testimony since the deadly insurrection by supporters of then-president Donald Trump, also said the Federal Bureau of Investigation has dramatically increased its probes of domestic extremist groups including those advocating white supremacy.

And he stressed there was no evidence that Antifa members were part of the violence, which the FBI has branded domestic terrorism.

Australians border ban extended until June

The Age - Page Online : 3 March 2021 - Original article by Latika Bourke - PortMac.News Summary

The federal government has announced that Australia's international borders will remain closed until at least 17 June.

Health Minister Greg Hunt says the Australian Health Protection Principal Committee had recommended the three-month extension of the emergency measures due to factors such as the emergence of new COVID-19 variants overseas.

The move has been criticised by shadow foreign minister Penny Wong, who notes that some 40,000 Australians are still stranded overseas.

The borders were initially closed on 17 March 2020.

Puppy prices in NSW could double as crackdown hits hobby breeders

Puppy prices could double in NSW as hobby breeders struggle amid a crackdown on rogue operators in the industry, experts have warned.

Hobby breeders, who may oversee only a couple of litters per year, claim they've become collateral damage in the NSW government's decision to step up policing on large "puppy farms".

In a joint announcement last October, the NSW government and RSPCA revealed they had created a Puppy Factory Taskforce, which included six inspectors that would crack down on large, illegal operations.

Patricia Smith, who has been breeding pups at her home in Albury for 10 years, says she's being forced out of the industry.

Ms Smith is one of two people in Australia who breeds Basset Fauve de Bretagne puppies, which she sells for $2,000 each.

The 52-year-old bred a litter of seven this year, but worries she won't be able to continue.

"There's absolutely no distinction between a hobby breeder who breeds ... three litters a year ... and somebody who breeds 50 litters a year," she said.

"If we are to continue, I can only see the price going up to cover all of the things we have to do."

Among the rules is a requirement to have fencing 1.8 metres tall around properties — something Ms Smith said would be impossible for her to afford at her large, regional home.

Contagious Brazil COVID-19 variant can re-infect people

The Age - Page Online : 3 March 2021 - Original article by Kate Kelland - PortMac.News Summary

A research team has found that the Brazilian variant of COVID-19 is 1.4 to 2.2 times more transmissible than the initial form of the virus.

The P.1 variant has become the dominant strain of COVID-19 in the Amazon jungle city of Manaus, where the new variant was first detected.

The scientists from universities in Brazil and the UK have also found that a significant proportion of people who have recovered from COVID-19 are susceptible to re-infection with the P.1 variant, which has been detected in at least 20 countries.

Million on dole, workers 'Hard to find'

The Australian - Page 5 : 3 March 2021 - Original article by Geoff Chambers, Patrick Commins - PortMac.News Summary

Data from the National Skills Commission shows that 21% of employers intend to hire additional staff in the next three months.

However, 39% of employers that sought to hire extra workers in the four weeks to 19 February reported difficulties in doing so.

Separate data from the Australian Bureau of Statistics shows that 13% of employers were "Significantly" affected by staff shortages in mid-February. Meanwhile, more than 1.2 million people are currently on unemployment benefits.

Tax us for care, Not for profits

The Australian - Page 6 : 3 March 2021 - Original article by Stephen Lunn - PortMac.News Summary

Ian Henschke of National Seniors Australia believes that people of working age would support the introduction of an income tax levy to improve the quality of aged care.

However, he adds that Australians would want to ensure that the proceeds of the levy are used to benefit aged-care residents rather than simply "Lining the pockets" of directors and shareholders of aged-care facilities.

A survey undertaken by Flinders University in 2020 found that on average, Australians are willing to pay up to 3.1% extra in income tax each year to ensure that the aged have access to quality care.

Approvals plunge in HomeBuilder letdown

The Australian - Page 5 : 3 March 2021 - Original article by Patrick Commins - PortMac.News Summary

Australian Bureau of Statistics data shows that dwelling approvals fell by 19.4%t overall in January.

House approvals fell by 12% month-on-month, while there was a 40% decline in approvals for townhouses and apartments.

This followed a surge in house approvals in December, with the federal government's HomeBuilder grant being scaled back from $25,000 to just $15,000 at the start of 2021.

Jo Masters from Ernst & Young says a further decline in dwelling approvals can expected when the HomeBuilder scheme ends in March.

Police, big tech clash on digital warrants

The Australian Financial Review - Page 9 : 3 March 2021 - Original article by Max Mason - PortMac.News Summary

The Australian Federal Police estimates that cybercrime costs the domestic economy about $1bn each year, and contends that existing laws hinder its ability to counter cyber-attacks.

Proposed legislative reforms will allow the AFP to be issued with three new types of warrants; amongst other things, the warrants will enable it to access digital devices or take over online accounts in order to gather evidence of criminal activity. Digital platforms such as Twitter and Amazon have expressed concern about the reforms.

Building approval fall hits ASX

The Australian - Page 19 : 3 March 2021 - Original article by Gerard Cockburn - PortMac.News Summary

The Australian sharemarket lost ground on 2 March, with the S&P/ASX 200 easing 0.4% to close at 6,762.3 points.

Fortescue Metals Group shed 4.7% to end the session at $21.61, Gold Road Resources was down 8.1% at $1.08 and Qantas fell 2.2% to finish at $4.89. However, the ANZ Bank rose 1.1% to $26.89 and A2 Milk was up 7.6% at $9.54.

RBA pledges 'Whatever it takes'

The Australian - Page 13 & 19 : 3 March 2021 - Original article by Lachlan Moffet Gray, David Rogers - PortMac.News Summary

The Reserve Bank of Australia left the cash rate on hold at 0.1% on 2 March, and governor Philip Lowe has reiterated that it is unlikely to rise in the next three years.

However, KPMG's chief economist Brendan Rynne suggests that the RBA could increase official interest rates in the second half of 2022 if the economy continues to rebound.

Meanwhile, Citigroup has forecast that the RBA will increase its bond buying program by $100bn in coming months, after Lowe flagged an extension of quantitative easing.

Costello in control as Nine splinters

The Australian - Page 1 & 2 : 3 March 2021 - Original article by James Madden, Lilly Vitorovich - PortMac.News Summary

A media industry source claims that chairman Peter Costello is "Running the show" at Nine Entertainment Company.

However, a Nine spokesman refutes such suggestions, stating that the former federal treasurer has not had a more "Hands-on" role at the media group as CEO Hugh Marks prepares to depart.

The spokesman also said Marks had been "Actively involved" in the negotiations with Facebook and Google regarding the news media bargaining code.

There is also said to be growing tensions between directors from Nine's broadcasting and publishing arms, and speculation than external candidate Carl Fennessy is the frontrunner to succeed Marks.

All to play for in Rupert Murdoch's endgame

The Australian Financial Review - Page Online : 3 March 2021 - Original article by Alex Barker, Anna Nicolaou, James Fontanella-Khan - PortMac.News Summary

Media mogul Rupert Murdoch shows no signs of slowing down, even though he will be 90 years old on 11 March.

However, the issue of who will succeed Murdoch at the helm of his family-controlled business empire is still not resolved.

There has been speculation that heir-apparent Lachlan Murdoch may not be particularly interested in running traditional media assets such as television stations.

Meanwhile, James Murdoch has increasingly distanced himself from the family business since the deal to sell the bulk of 21st Century Fox's entertainment assets to Disney.

There is also speculation about the future of Fox Corp when a key condition of the Disney deal expires later in March; this precluded Fox from selling any assets for two years.

Consumer Confidence up 1.1pts to 110.3 as vaccine rollout begins.

Market Research Update - Page Online : 3 March 2021 - Original article by Roy Morgan - PortMac.News Summary

ANZ-Roy Morgan Consumer Confidence rose 1.1pts to 110.3 on February 27/28.

Consumer Confidence is now almost level with the 2021 weekly average of 110.2, and it is now 5.5pts higher than the same week a year ago (104.8).

Now 27% (unchanged) of Australians say their families are 'better off' financially than this time last year, while 29% (also unchanged) say their families are 'worse off' financially.

In addition, 39% (up 2ppts) of Australians expect their family to be 'better off' financially this time next year, and 14% (down 1ppt) expect to be 'worse off' financially.

Some 18% (unchanged) of Australians expect 'Good times' for the Australian economy over the next 12 months, while 17% (down 2ppts) expect 'Bad times'.

Meanwhile, 42% (up 2ppts) of Australians say now is a 'Good time to buy' major household items, while 25% (down 2ppts) say now is a 'Bad time to buy'.

Business Confidence up 0.3pts to 120.8 in February

Market Research Update - Page Online : 3 March 2021 - Original article by Roy Morgan - PortMac.News Summary

In February 2021, Business Confidence increased 0.3pts (+0.2%) to 120.8. Business Confidence has now averaged 121.5 over the last three months, its highest three-month average since January-March 2014 (123.1).

Business Confidence is also now 16.2pts higher than a year ago (104.6), and it is 7.3pts above the long-term average of 113.5.

Now 60.6% of businesses expect 'Good times' for the Australian economy over the next 12 months, while 55.5% of businesses said the next 12 months is a 'Good time to invest in growing the business'.

Meanwhile, Business Confidence is significantly higher in all six Australian States than this time last year and highest in South Australia at 131.4, an increase of 21.2pts (+19.3%) on the same month a year ago.

Business Confidence is also well above the national average in New South Wales at 129.5 - up 18.1pts (+16.2%) on a year ago.

The biggest increase in Business Confidence over the last year has been in Western Australia, with an increase of 29.5pts (+32.7%) to 119.6 - and just below the national average of 120.8.

However, Business Confidence is now marginally below the national average in Tasmania, and lowest of all in Queensland and Victoria.